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Our Bureau

Mumbai, July 18

The rupee strengthened against the dollar on account of selling by some nationalised banks. The domestic currency opened at Rs 46.75 and touched an intra-day low of Rs 46.82. It then recovered to finally close at Rs 46.70/71. On Monday, the rupee closed at Rs 46.75.

Dealers said that nationalised banks sold dollars, probably because of RBI intervention. Global currencies such as euro and sterling also recovered against the US currency. "The yen also strengthened marginally against the greenback. The home currency tracked the movement of other global currencies," said a dealer at a private bank.

The rupee is likely to trade in the range of Rs 46.60-75 in the next few days, he said. In the forward premia market, the 12-month closed at 1.19 per cent (1.16) and the 6-month ended at 1.07 per cent (0.96).

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